RIL AGM 2020 LIVE Updates: Jio Ready With Huawei-Killer 5G Solution; Mukesh Ambani Says Oil to Chemical Business to be Separate Subsidy by Early 2021

Search Engine Giant Google Will Invest Rs 33,737 Crore in Jio Platforms | Google has agreed to invest Rs 33,737 crore to buy a 7.7 per cent stake in Reliance Industries' technology venture, adding to a slew of investments since April that has crossed Rs 1.52 lakh crore. With this deal, Reliance has sold 32.84  per cent stake in Jio Platforms Ltd - the unit that houses India's youngest but largest telecom firm Jio Infocomm and apps. In total, Jio has raised Rs 1,52,055.45 crore. Google, which is the 13th marquee firm to have set a sight on India's hottest digital play in 12 weeks, values Jio Platforms at Rs 4.36 lakh crore. This is less than Rs 4.91 lakh crore value at which last investor, Qualcomm had invested just last week.

A RECAP | At the company’s first virtual annual general meeting on Wednesday, Reliance Industries Chairman Mukesh Ambani said his group's retail venture has received strong interest from strategic and financial investors. "We will induct global partners and investors in Reliance Retail in the next few quarters," he said at Reliance Industries annual general meeting. Reliance Retail has already started pilots of its ecommerce venture."We have successfully piloted JioMart grocery model with kirana partners. The beta version of JioMart grocery platform is being piloted in 200 cities. Daily orders have crossed 2.5 lakh, and the number is growing each day," Ambani said.

At the recently concluded Annual General Meeting by Reliance Industries, Jio Platforms played a key role, taking up the majority of RIL’s biggest announcements. Part of it is JioMart, which is now primed to expand steadily in India’s hyperlocal retail space. JioMart, which already piloted a debut project with JioMart in 200 select cities, is now set to expand to more areas across India, and will use its strategic partnership with Facebook to use WhatsApp as a medium to bring kirana stores online. Read full story here.

This announcement by Reliance Jio for the 5G solution comes as US Secretary of State, Mike Pompeo had praised India’s Reliance Jio as a clean network while being critical of Huawei’s 5G equipment as…

Reliance Industries’ Chairman and Managing Director Mukesh Ambani concludes his AGM address.

Google has agreed to invest Rs 33,737 crore to buy a 7.7 per cent stake in Reliance Industries' technology venture, adding to a slew of investments since April that has crossed Rs 1.52 lakh crore California-based Alphabet Inc joins Facebook Inc, which opened the investment cycle in Jio Platforms by picking 9.99 per cent stake for Rs 43,573.62 crore, as well as chipmaker Intel Corp and Qualcomm Inc.

“Reliance is now ranked among the World’s 60 largest companies by market capitalization. And when Reliance scales still higher summits of success, our employees and shareholders will surely reap its rewards,” says Mukesh Ambani.

'Reliance Will Work to Vigorously Promote Made-in-India’| “Reliance will work with other Indian companies, including start-ups, to vigorously promote “Made-in-India”, “Made-for-India” and “Made-for-the-World” products,” says RIL Chairman Mukesh Ambani.

“Through Education and Sports for All initiative, Reliance Foundation has reached out to over 21.5 million children. Right from grassroots level – we are working tirelessly to develop a holistic sporting ecosystem in the country,” says Nita Ambani.

“I assure you, as soon as the coronavairus vaccine becomes available, we will volunteer by using the same digital distribution and supply chain, to ensure that the vaccine reaches every nook and corner of our country,” says Nita Ambani. 

“Jio is providing digital connectivity to over 40 crore people, empowering over 30,000 organisations to work from home, and lakhs of students to learn from home. Reliance has also been providing free fuel to Emergency Service vehicles across the country. This is not just business for us. It is our duty, our dharma, our seva to the nation,” says Nita Ambani.

On Mission Anna Seva |“Through Mission Anna Seva, we have provided more than 5 crore meals to marginalised communities, daily-wage earners, and frontline workers across the country,” says Nita Ambani at RIL AGM.

Nita Ambani, chairperson and founder of Reliance Foundation, is speaking at the AGM regarding the philanthropic activities of the organisation. “In record time, we produced 1 lakh PPEs and N95 masks every single day and that too at one-third the price of the imported ones,” says Nita Ambani.

'Target to Become Net Carbon-neutral by 2035' | “We are targeting to become net carbon-neutral by 2035”, says RIL Chairman Mukesh Ambani at the 43rd annual general meeting of Reliance Industries Limited.

‘Committed to a Long-term Partnership with Saudi Aramco’ | “With this we will have an integrated and competitive Oil to Chemicals portfolio which is valuable to global companies as it provides access to the large and growing Indian market. Due to unforeseen circumstances in the energy market and the Covid-19 situation, the deal has not progressed as per the original timeline. Our equity requirements have already been met.Nevertheless, we at Reliance value our over two-decade long relationship with Saudi Aramco and are committed to a long-term partnership,” says Mukesh Ambani.

On Reliance’s O2C Path Ahead | “Our O2C business has competitive feedstock streams that are the building blocks for specialty and new value chains of Acetyls, Acrylates, Phenols  and Polyurethanes. Reliance has been approached by global companies for strategic partnerships in its petrochemical business, including in utilizing these feedstocks. These potential partnerships will help us build competitive manufacturing capacity at our existing sites to serve the deficit Indian market that still depends on large-scale imports of chemicals,” says RIL Chairman Mukesh Ambani.  

On Organised Retail |“Four things that give me huge satisfaction are: First, more than two-thirds of our nearly 12,000 stores are operated in Tier II, Tier III and Tier IV towns. Second, the deep-rooted bond with tens of thousands of farmers that has helped us source over 80% of our fresh fruits and vegetable directly from farmers. We sell more fruits and vegetables than any other organised retailer in the country.  Third, we continue to provide large employment and development opportunities for lakhs of people across India. Fourth, our growth model is based on partnership with small merchants and shopkeepers,” Says RIL Chairman Mukesh Ambani.

Proud to Partner with Reliance Jio: Sundar Pichai | “Everyone should have access to the internet. Proud to partner with @reliancejio to increase access for the hundreds of millions in India who don’t own a smartphone with our 1st investment of $4.5B from the #GoogleForIndia Digitization Fund,” tweets Sundar  Pichai, CEO, Google and Alphabet.

Everyone should have access to the internet. Proud to partner with @reliancejio to increase access for the hundreds of millions in India who don’t own a smartphone with our 1st investment of $4.5B from the #GoogleForIndia Digitization Fund.https://t.co/1fP8iBZQfm

— Sundar Pichai (@sundarpichai) July 15, 2020

‘Reliance Retail at Forefront of Bringing Organised Retail Revolution’| We are India’s largest and most profitable retail business. Reliance Retail is the fastest growing retailer in the world, and the only Indian Retailer to feature in the Top 100 global retailers. And we continue to be a partner of choice for marquee international brands. Reliance Retail has been at the forefront of bringing about the Organized Retail Revolution in India.

“Today, people in India no longer have to wait for technology to come for you. Smartphones and affordable data have made it possible for a billion Indians to come online. We have never been more hopeful about India’s future,” says Alphabet CEO Sundar Pichai in a video message. 

“Jio will integrate start-ups into Jio’s roadmap and will help them reach their full potential. We are well-positioned to help Indian start-ups in a number of ways—whether it be technology development, product development, distribution market access and even scale up capital,” says RIL Chairman Mukesh Ambani.

Google & Jio to Develop Cheap 5G Smartphone | “Have sold 100 million Jio Phones till date. But there are many feature phone users waiting to upgrade to a conventional smart phone. We believe we can design an entry level 4G or even a 5G smart phone. We believe that we can design such a phone at a fraction of the current cost. Google and Jio are partnering to build a value-engineered Android based smartphone Operation System,” says RIL Chariman Mukesh Ambani at the 43rd annual general meeting of Reliance Industries Limited.

Jio Developing Homegrown 5G Telecom Solution: Mukesh Ambani |"Jio has designed and developed a complete 5G solution from scratch. It will be ready for trials as soon as 5G spectrum is available and can be ready for field deployment next year," Ambani said at Reliance Industries' annual general meeting. Jio's global-scale 4G and fibre network is powered by several core software technologies and components. "It is this capability and know-how that positions Jio on the cutting edge of another exciting frontier 5G," he said.

“JioMart is built upon two fundamental pillars -- 1. A powerful omni-channel tech-platform to unite customers, kiranas and producers. 2. A widespread physical network of Reliance Retail that takes benefits of new commerce to every corner,” says Isha Ambani.  

Isha Ambani Talks About JioMart | Isha Ambani now details the how JioMart is empowering offline kirana stores, in partnership with Reliance's strong retail network. She says that its beta pilot programme in 200 cities has received positive feedback.

“I am proud to share that the entire 5G stack has been made by Jio employees. It is ready for deployment once the spectrum is allocated,” says Akash Ambani at 43rd annual general meeting of Reliance Industries Limited.

JioGlass Unveiled | Jio unveils JioGlass – weighs only 75g, offers best in class, immersive mixed reality services. Remains connected by a single cable and already has 25 apps that allow augmented reality video meetings and more.

Isha Ambani and Akash Ambani conduct virtual demonstrations of the new Jio TV+. Jio TV+ will curate OTT platforms such as Netflix, Amazon Prime Video, Hotstar and others, into one app. Besides this, it is also equipped with voice-search.

“Using these technologies, we (Jio) can create compelling solutions that span multiple industry verticals and ecosystems like media, financial services, new commerce, education, healthcare, agriculture, smart cities, smart manufacturing and smart mobility,” says RIL Chairman Mukesh Ambani.

‘Jio Ready With a World-class 5G Solution’ | “Jio is ready with a world class 5G solution. Field deployment can happen next year. This 5G product will be available for trials as soon as spectrum is available. Jio Platforms will be positioned for 5G solution to other telecom operators,” says Mukesh Ambani.